Money Sense Tips

Today’s economy is a scary one. There are so many people living paycheck to paycheck trying to squeeze a dime out of penny. It’s no wonder the poverty level is rising everyday. But there is hope and a way to learn how to make your paycheck last.

Make Your Paycheck Last is a book all about taking the money you have and making it work harder for you; not you working harder for it and never being able to get a handle. It is the perfect financial resource for students, recent graduates, newlyweds, young professionals, single parents, the recently divorced, recent retirees, and anyone seeking to take charge of their finances. If you check seems to evaporate before your eyes or you are in serious debt this book is the answer.

This easy-to-read, straightforward, information-packed book offers step-by-step directions and dozens of strategies for:

• Developing and implementing a custom-tailored budget
• Setting and achieving personal and family financial goals
• Cutting everyday living expenses
• Reducing and eventually eliminating debt
• Saving money every month
• Earning more money
• Planning for the future

This 156 page book is an excellent tool for the financially unsophisticated or those who think they know it all but really need to get a hint. It comes with worksheets to help you get and stay on the right financial road for your life. Forget about worrying about how that dime will come out of that penny because it won’t. But with Make Your Paycheck Last, you will learn how to take a dime and make it work for you.

With the current shaking up of the financial market, it is very hard to decide what your own financial future will be if you are heavily depending on them.

The future does not have to be more of the same if we employ a few simple money moves to improve our financial outlook.  Here are some suggestions to increase the money in our pocket.

1.  Review all your services. This includes all utilities, insurance policies, entertainment services, and more.  It is also recommended that you review insurance policies every few years.  If the family dynamics have changed, it may be time to update your policies, both life and automotive.  For older cars, dropping collision insurance is a move that will lower your premiums.  If you have been using a lawn service, now you can take up the reins and cut your own grass.

2.  Change your 401(k) distribution. Maybe you are holding a large percentage of your retirement funds in conservative markets.  If you are at least fifteen or more years away from retirement, it is okay to go with more high risk options to increase your return on investment.  You’ll be glad you did when you get closer to retiring.  Some money has the potential to be lost in riskier funds but you also have the time to recoup your losses with minimal damage.

3.  Eat more meals at home as a family. Think of the money you will save by doing this.  It will also involve using coupons for grocery shopping and planning meals in advance.  This is a small price to pay for keeping at least twenty-five to fifty extra dollars in your pocket each week.

4.  Invest tax refunds and other windfalls. A tax refund is considered a windfall because we never know how much we will get until we do the math.  It is money that we were hoping to get but not guaranteed.  Instead of spending it, buy CDs, stocks, or open a mutual fund account.  Investing in a 529 plan is a great way to save money for your kids for college.  Let this money continue to make more money instead of spending it on items with no financial return.

5.  Start a small business. Maybe you have dabbled in a hobby and have found that there is a market for it.  Use extra money to get that business underway with very little overhead.  Depending on your zeal, a decent return on your investment could be months away.

6.  Give to charity. Any money that you give to charities is tax-deductible.  This includes property that you donate.  For those who itemize, this is one way to increase your itemized deductions and your subsequent tax refund.

What are you doing to increase the amount of money you have available?  These simple suggestions can keep your cash flowing in a positive direction.  Here is an interesting book for you read:
How To Save Money & Organize Your Finances: Tales of an Urban Consumer

If you have a credit card, you may have noticed that from time to time you receive a tiny booklet delineating either rising interest rates or changes to the terms of payment.  It’s important to read this information as you may find that if you do not pay off your bills on time you may incur more than a late fee.

For example, here is a typical credit card policy: “The APR is 8.99%.  Your APR may be higher.  We will set your initial APR between 8.99% and 24.99% based on creditworthiness.  We reserve the right to change your APR, fees, or other credit terms at our discretion.  Additionally, if you fail to pay any minimum amount payment by its payment due date, we may increase your APR up to a default APR of 27.99%.”

This particular creditor is not unlike others you may have applied for.  It is important when applying for a credit card to ascertain the APR rate, monthly fees, and default percentage that may be incurred if you do make late payments or skip a payment.

Not paying off your bills on time can make an already complicated situation worse, especially if you are living from paycheck to paycheck.  Moreover, not only will you incur the highest APR percentage on that card, but it will also be reflected on your credit report, thus lowering your FICO score.

The key to successfully paying bills when they are due is to establish and stick to a budget.  In this way, you can list all household expenses and debts and pay them accordingly every month.  Most of the time, credit card payments are due between the 15th and the end of the month.  If you are paid on a bi-monthly basis, setting aside money for each bill may be easily achieved.

There is also another alternative that can assist you in paying bills on time.  You can sign up with credit card companies to pay via the internet.  This does not replace receiving the bills through the mail; however, you can access your statement at any time and by receiving emails letting you know payment is due, you are more likely to pay them on the date the email is received.

Moreover, the company provides the due date so that you can decide to either pay it on the day you receive the email, or you can click on the calendar provided and make the payment as close to your payday as possible.

It is a perfectly safe method of paying bills on time.  All you need to do is to provide your checking account information and once payment has been made, it is posted to your account on the same or next day.  In fact, you will receive an email stating the payment has been posted.

Paying off bills on time affects your FICO score in a positive manner and decreases the possibility that additional late fees and increased APR rates will be incurred.  In addition, by using the internet to pay bills it affords you the opportunity to never miss a payment again.

If you are interested to learn more how you can pay off your bills on time, you may be interested to check out this book - the Ulitmate Debt Guide by Scott Stephen.